Section 2-5-37 Investment of proceeds from bond sale. - Alabama Statutes

Section 2-5-37

Investment of proceeds from bond sale.

Prior to the completion of farmers' market facilities to be financed with proceeds of bonds, any portion of the principal proceeds derived from the sale of the bonds which the authority may determine is not then needed for any of the purposes for which the bonds are authorized to be issued shall be invested by the State Treasurer in permitted investments which mature at such time or times as the authority shall direct. At any time, and from time to time on order of the authority, any such investments may be sold or otherwise converted by the State Treasurer into cash.

(Act 98-243, p. 396, §9.)